|

Bitcoin Cash Market Update: BCH/USD hangs in the balance at $230, where to next?

  • Bitcoin Cash price stays above the 23.6% Fibo support at $220 as the bulls fight to clear the resistance at $230.
  • The gap between the 50-day SMA and the 100 SMA hints that bearish pressure is present and could lead to another dive.

Bitcoin price is flirting with the resistance at $230 after retreating 1.24% on the day. The entire cryptocurrency market is mostly in red. For instance, Bitcoin (BTC) surge above $7,000 lost steam under $7,200 while Ethereum (ETH) is struggling to stay above $180. Meanwhile, Bitcoin Cash is facing resistance at the 50-day SMA. Slightly below the market price, the 23.6% Fibonacci retracement level of the last swing high at $498.58 to a swing low of $134.12.

According to the MACD, BCH/USD is likely to enter into consolidation. However, the sellers could continue to have an upper hand especially with the gap between the 50 SMA and the 200 SMA in the daily range still widening. The RSI also doubles-down the on the sideways trading as it levels at 50 (average).

If the support at the 23.6% Fibo gives in to the selling pressure, Bitcoin Cash bulls will have to seek balance at $210 and $200 respectively. In March, BCH plunged to $134.12 due to the Coronavirus triggered a selloff. As the pandemic continues such a devastating move is not out of the picture.

BCH/USD daily chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.